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for oscar pistorius? italy prepares to vote, the rest of europe crosses its fingers. the center left battle it is out with berlusconi. will the result deliver stability? and two very different views of the israeli-palestinian conflict go head to head for a sought-after oscar. also in the program, jamie is here with business, looking at the eurozone. >> it looks like we're going for another year of recession. but the biggest worry is the growing divide between the two biggest economies, germany and france. germany continuing to grow, but france and italy as well as other countries sitting. >> it's noon near london and 2:00 in the afternoon in pretoria, south africa, where chief magistrate, desmond nair, is about to announce a decision that will settle the fate of oscar pistorius. he faces trial on a charge of premeditated murder after his girlfriend, reeva steenkamp, was shot dead in his home eight days ago. the question about to be settled is straight forward -- will he be freed on bail before trial or imprisonned? our world affairs droont, richard galpin, has the latest on a case being fol
and economic stability to italy has been quite the opposite. preliminary results show there is no clear winner. equally unclear is how bitter rivals will be able to come together to lead the country. former prime minister silvio berlusconi made a sort of a comeback at may secure the upper house. according to his latest results, his main rival has managed to win a majority in the lower house. and beppe grillo, a comedian turned politician, appears to be riding a wave of protest votes. what happens next? the only solution appears to be some sort of coalition. the outgoing prime minister, his coalition trailed for the and the vote, said the common ground must be found. >> it is too early to consider any solution, nor does arrest upon me to find one. but right now i consider it essential this maximum transparency between the political forces -- we are all faced with a serious responsibility. the government must ensure transparency for the country. >> barbara, what happens next? berlusconi has offered to form some sort of coalition. how realistic prospect is that, though? >> not very, but there are
in italy -- why sunday's national election has the world nervously watching. well, his decision kept all of south africa and much of the world in suspense today. a south african judge said yes to bail for oscar pistorius, the paralympic star accused of murdering his girlfriend. >> the man known as the blade runner was forced to post $113,000, and over his passport, and turn over his gun collection to police. >> pistorius and his attorneys have three months to put together a defense. >> oscar pistorius was braced for the worst as he entered court, but his defense did a good job after he revealed mistakes in the prosecution case, the judge ruled that pistorius could go free on bail. no cameras were allowed in the courtroom while the decision was read. the olympics are stood in silence as the announcement was made -- the olympic star. supporters applauded the ruling. >> although we obviously are relieved that oscar has been granted bail, this is still a very sad time for the family of reeva and for us all. we are grateful that the magistrate recognized the validity and the strength of our a
-hour -- political deadlock in italy. what's next after an election that produces no clear winner? >> a trip down memory lane for the new u.s. secretary of state on a visit to germany. >> and a step closer to bundesliga. berlin get an important win. and that italy faces political deadlock after the country's national elections produced no clear winner. no single party was able to secure a majority in both houses of parliament. >> the center-left candidate is claiming a narrow victory, but it is not enough for him to build a government. >> former prime minister silvio berlusconi came in a close second. coalition talks are under way, but many italians are unsure they will produce a stable government. >> italian voters have elected new representatives, but where does that leave the country? newspaper headlines are skating. one reads -- the only winner is ungovernability. there's already talk of free elections. >> i do not know what to say. i think we voters are being taken for a ride. >> i have no idea what will happen now. they will reach some kind of decision. everything is in the hands of four or
on in italy. is a prospect not everyone is excited by. attempting a comeback, but berlusconi here getting a taste of public anger at a polling station. his alliance is in second place but political opposition makes a berlusconi return to government unlikely. >> i think there will be other elections. it will be worse than this one. there will be more protests. i see instability. >> we hope for us and our children and the future we are better off. there are others behind us. >> the interim government of technocrats led by mario monti may have played a part in pulling italy back from the economic brink but it plunged the country into austerity, prolonging its worst recession in 20 years. boaters are now looking to the politicians to solve their problems. there are few promising answers. he looks at to win a shaky majority despite pledging to press ahead with austerity. it has at least pledge to pursue growth. there is no certainty that it will be able to govern with a free hand. its power potentially curtailed by a colorful cast of characters. in predictable fashion, berlusconi has already b
culture but to kick start it. it was really just a few months ago that the ambassador ofity italy came through and talk about this wonderful thing they were to do to celebrate year of italian culture but transfer that to our country of the united states so i know they're going to start those events in washington dc with their celebrations but let us san francisco celebrate -- mayor aleato and our wonderful history here and allow us to do a preliminary launch and so that's what we're attempting to do tonight and celebrate with you this launch of italian culture. it's very meaningful for us to did that year. we have a lot to celebrate. let me just say that painters, scrptdures, poets, musicians, designers, mathematicians, great architects of the italian country have come here to san francisco. we have experienced so much of the italian talent here in san francisco. that's why we wanted to be celebrating here and i am so glad to be joined not only by senator leno and assembly man amaino and david chiu and scott wiener as well. they all want to get in on this great celebration because
as the prospects of political gridlock in italy sends jitters through the market. italian banking stocks leading the way lower. >>> the center left coalition win tess lower house, but no one has secured an obvious majority in the senate. sylvia berlusconi has hinted he could be open to an alliance. >>> japan's big exporters like sony and rico take it on the chin. >>> and ben bernanke heads to capitol hill today to try to provide some soothing words about fed policy and calm investors' fears about weak global growth. >> you're watching "worldwide exchange," bringing you business news from around the globe. >> welcome to today's program. we're over an hour of trade in europe. the voft majority of the dow jones 600 is down. so we're weighted heavily to the downside. stoxx 600 in europe down about 1% at the moment. translate that into individual indices. the ftse 100 down 1.4%. the xetra dax nearly 2%. the ibex is down nearly 3% and the ftse mib down nearly 24.25%. the banco bmx down 7.3%, bankintender down 5.73%. we've seen spikes rise higher in italian bond yields. up 2.6 of%. the italian ten-year
in sabine joining us on the telephone from italy. what more could you tell us on this announcement the pope will be resigning february 28? >> it appears the pope made the announcement himself but the information is very, very sketchy. of course, this is really big news. having a poker resign is something we have not seen for hundreds and hundreds of years. it appears the pope gave the announcement in latin. that is all we have a moment. we are obviously going to be following this story very closely indeed to see how things develop. >> i understand information just coming in, and very scarce at the moment. but any idea as to why he is going to resign? and why he has made this announcement? >> at the moment, we have no idea of whatsoever why he decided to resign and why he made the announcement at this time. we do not know if it has anything to do with problems he may have to do with his help. whether -- health. whether he believes the time has come for somebody else to replace him. whether there are some interior motives within the church hierarchy for this. at the moment, no motivation what
steinbrueck described the candidates to be italian -- italy's leader as clouts. >> that is the latest in a series of missteps from peer steinbrueck, since he was named candidate to challenge angela merkel. >> those remarks lead many to ask if he is the best candidate for the job. this is the comment that so offended the italian president. >> to a certain extent, i am appalled at kid -- that two clowns have one -- won. one is a professional clown who will not be offended by this term, mr. grillo, and the other is definitely a clown with extra testosterone. >> let's get more on this from simon young in our parliamentary studios. how much of a liability is he becoming for his party and his campaign? >> he can become a liability if the voters believe that talk like this is a sign of poor judgment rather than just straight talking. peer steinbrueck has tried to relaunch his campaign after a faltering start last year, when he made comments, suggesting that the pay for the chancellorship should be increased at a time when a lot of public servants are facing pay freezes. the thinking is he mi
their expectations. and there is political uncertainty in italy. >> it was a worst-case scenario. stocks around the world are being slammed and the borrowing costs of italy, spain, and portugal, they are on the up. all this raises the big question once again of what the future is of the bureau's own. -- e the year rose down urozone. london, midday here in 7:00 a.m. in washington, and 2:00 p.m. in the afternoon in egypt, where a balloon ride over luxor has ended in tragedy. a fire followed by an explosion and a 300 meter plunge to the ground. 19 tourists are dead, nine of them from hong kong. it is the latest blow to a tourist industry that has been suffering ever since the uprising two years ago. >> the balloon came down in fields west of luxor, a tourist event that ended in carnage. this mobile phones should it -- footage shows rescue teams the distance. one report says those who survived jump from the basket as it plummeted from the ground. eight photographer from another flight took these photos. he was just in front of the balloon that crash. >> while we were approaching the end of our ball
of that in italy spooking investors and lead to go a sell-off on wall street. and then asia follows suit overnight. european stocks are tumbling on upper trading this morning. it is tuesday, february 26th, 2013 and "squawk box" begins right now. >>> good morning and welcome to "squawk box" here on cnbc where thirchx feel a little under pressure. i'm andrew ross sorkin along with joe kernen and becky quick. well, becky quick is off today. she will be back tomorrow. global markets focusing on italy this morning. sylvia berlusconi's center left rivals won parliament's left house, but failed to win an absolute majority in the upper house. this is creating uncertainty. berlusconi has ruled out an alliance with former italian prime minister mario monti. he's arguing the results reflect unpopular discontent with stocks. we saw sharp drops, italian yields jumping. check out early stocks in european trading. this morning, we have red stocks across the board. germany, close to 2% off and france over 2% and the ftse down materially. u.s. stocks to drop yesterday's session on that uncertainty in europe. stock
--www.ncicap.org-- >> it looks like it will come down to the wire in italy where the latest election results appear to be pointing towards political gridlock. this poll is crucial as they are deciding who will lead them to the debt crisis. >> the votes are still being counted, but it looks like the central left is neck-and-neck with the central right, led by former leader burlesconi. the outcome could decide whether austerity is in or out. early predictions givingpier luigi bersani a clear lead in the lower house of caller meant. -- of parliament. as most likely partner is outgoing prime minister, mario monti, the architect of an austerity program popular with the international world. he may have been upstaged, but they currently have a slim lead in the upper house of parliament. a further muddying the picture, his tirades against the political elite helping his 5- farm movement to the initial in a strong third. they're starting to predict parliamentary gridlock which could perpetuate another trend. voter turnout was 8% was down five years ago, not a good omen for the eurozone's thir
in italy have had their say, but why is it causing the u.s. stock market to dive? welcome to our viewers on public at telik -- public television in america and also around the globe. britain most -- britain's most senior catholic has thrust the succession plans into question. cardinal keith o'brien has stepped down after being accused of inappropriate behavior with priests. he was due to take part in the conclave to elect the successor to pope benedict, but will now not be going to rome. our religious correspondent has the details. >> for a decade and more, he has been one of scotland's biggest personalities and strongest voices. then came allegations that cardinal o'brien behaved inappropriately towards four priests in his care during the 1980's. suddenly, he is out of office. today, cardinal o'brien stayed behind closed doors. in a statement, he acknowledged his poor health, but made no attempt to rebut the allegations against him. instead he said, for any good i have been able to do, i thank god. for any failures, i apologize to him all whom i have asked to all whom i have -- i apolog
. italy -- why small businesses are protesting against tax collectors. and luxembourg -- why illegal immigrants there want to get registered. children are typically raised by tibia will parents, but does it matter if they are a mother and father, or can two fathers or two mothers do just as well -- children are typically raised by two parents. single-sex families are a controversial issue in europe. the number of so-called rainbow families are on the rise, but their legal status varies from country to country. in germany, gay and lesbian couples cannot jointly adopt a child or a baby. they can only adopt as individuals. in france, when the government announced its intention to give homosexual couples equal adoption rights, large crowds took to the streets in protest. >> for these two little boys, having two mothers is nothing unusual. their parents are a lesbian couple. beatrice, seen here, adopted the boys as a single woman. her partner had no legal say in it, and by french law, singles may adopt, but same-sex couples may not. an initiative is under way to change that. for these two
uncertainty that is vexing italy at this moment. the outcome of the weekend's elections in italy was felt in wall street -- on wall street. the dow fell 200 points. financial markets feared that political paralysis in the country will destabilize the entire euro zone. there are no clear winners from the pole. the protest party of former comedian beppe grillo appears to have secured at least one/ four -- 1/4 of the vote. avin hewitt reports. >> this man, on his way to vote today, has caused a political earthquake in italy. that they grillo is a comedian who has raged against italy -- beppe grillo is a comedian who has raged against italy's establishment. one in four italians have voted for his protest movement. his strong showing is leading to huge uncertainty as to who will form the next government. initially, as the boats started to be counted, it seemed that the centerleft ass as the vote as the votes started to be - counted, it seemed that the centerleft was the majority. , however, that silvio berlusconi and his allies had had done well in key regions in the north. another later, o
luxor.or thanks so much. >> financial markets responded badly today to the political vacuum in italy. there are still no results from the weekend's election. and whichever one is the winner, it is likely to be too weak to lead. the party that got the most votes refuses to take part to form a coalition government. correct emergency meetings were held at the italian prime minister's office -- >> the emergency meetings were held up the italian prime minister's office today after the election deadlock. there was right at the prospect of political instability. after a night of waiting, it became apparent that neither the center left nor the center- right could form a stable government. it was 24 hours after the polls closed that the leaders of the center-left, pier luigi pazzani -- bersani, came out to face a dramatic situation. the problem, he said, with the remedy we came up with for the financial crisis. it was based on just austerity and rigor, and had a deep impact on public opinion. as for berlusconi, he said italy cannot go on government and we have to reflect. but all calculations
. with a stagnating economy, high unemployment, widespread corruption, gender inequality, the next leader italy has a long and challenging to do list. the results of the general election are being watched closely throughout europe. italy has the third largest economy of the eurozone and a political deadlock could be damaging. as voters reject reforms, it could threaten the market. it all sounds rather gloomy. voters there are still undecided. traveling around italy, listening to the concerns of people, today we are in the fashion and business capital of milan. >> it is the fashion and business capital, that is right. you do see italy in a steep economic recession and extremely divided. relatively speaking it's still seems okay, but they it -- it is still considered a freezing and biting recession as well. people say that it really matters and they will change their minds. 60% of the voters are unsure or about to change their minds. joining me now is the editor of the [indiscernible] newspaper. we travelled across italy to speak to people from all walks of life. they say that this time it is differe
around the world. in italy, the outcome of the elections still remains highly uncertain. >>> following an hour's time by the european commission's winter economic forecast. >>> alcatel lucent shares trading higher after vodafone executive michelle kohn is its new ceo. >> announcer: you're watching "worldwide exchange," bringing you business news tr around the globe. >> now, the eco index in germany is expected to rebound in february. it should be crossing the wire any second now and we'll bring that number to you. ahead of trade, you're looking at the euro/dollar up about 0.2%. it looks as though the february ifo fund index has risen. in fact, it's risen to a level of 107.4, well above the level of 104.7 that was expected. also, depending on the consensus, it was looking for a reading of about 104/105. current conditions index, 110 versus the expectation of 108.5. message here from businesses surveyed by -- in this survey show the expectations the current climate and the general feeling among businesses in germany is on the rebound. so this does jive with what we've seen out of several
way on fears about the outcome of italy's election. here's how we're finishing the day on wall street. certainly nothing like what we saw this morning. right now we're down 215 points on the dow jones industrial average. the nasdaq composite down 45 points on the trading session. that's a loss of almost 1.5%. and the s&p 500 is significantly down percentagewise. 27 points or 1.83%. so was the downturn part of the much anticipated pullback? or a buying opportunity? we're going to talk about that with ryan dieterich, kevin caron, and brian jacobson. welcome to all of you. appreciate you being here. let's start if we could talking about this market at this point. and lee, i'm going to start with you, if i could. what do you do on a day like today? if you're the investor with the longer term time horizon but you don't have a big stomach for volatility. lee will join us in just a second apparently. hopefully he'll have time to think about that question. ryan, why don't you take it? >> i think in this environment it's in -- it depends. which one? >> ryan dieterich. >> got it. when you look
rallying from yesterday's big loss but not so for world markets. italy's election causing uncertainty. the government, europe's third largest economy, facing a deadlock. >>> egypt, tourists flying high above ancient egyptian sites plunging to their deaths when a hot air balloon explodes and crashes. >> 18 people have died. the local government has banned all other hot air balloon flights for now. it happened in luxor. the latest on the investigation. >> ian, let's start with what the theory is at the moment. there are reports of a gas cylinder exploding. describe what you've heard. >> reporter: well, michael, that's exactly what ware we're hearing. an the 1,000 feet a gas canister on the balloon exploded sending the balloon tumbling towards the ground. this comes from multiple reported from eyewitnesses. also eyewitness accounts that people were jumping out of the balloon as it tumbled toward the earth. right now we're hearing 19 people have been killed. this includes tourists from europe and asia. two people injured including the balloon driver. but these balloons are very popular fo
:00 central, and as far as italy, you know. another conventional wisdom i don't agree with. the conventional wisdom is even though there isn't a coalition government, nobody had big enough numbers, that nobody wants to drop out of euro. berlusconi's party indeed has issues there, so i think europe is a big deal and not only for the politics. the eurozone is slowing, and this certainly isn't going to help it. >> carol, let me turn to you, if i could. welcome, by the way, to the cnbc family. thrilled that you're with us. let's talk about the last hour of trading. i think rick said it best a few minutes ago. you don't really know what's moving the market in the last hour. i think you liken it to a basketball game these days. >> i do, sue, and thank you for the warm welcome. i'm very excited to be part of the cnbc team and i feel like this is down to nba basketball. we might as well start the last hour of trading, and that's all we need. you look at a basketball game, 100 points. that's what decides what's happening here. i think the institutional investors are coming in at the end of the day. t
to come, -- thanks. still to come -- >> in naples, at the heart of italy pos's is intended south. >> what american fishermen say efforts to save their industry may kill it. >> in less than 24 hours, italy goes to the polls to elect a new parliament. candidates have held their final rallies before elections that take place on sunday and monday. the outgoing prime minister, monti and berlusconi are both running. our reporter is in naples. >> this is old naples, the historic heart of italy's traditionally downtrodden south. abandon to myself, go the melancholy lyrics of this neapolitan song. the streets are among the most weary. >> i have always given the my vote, but they have never helped me get off the ground. i do not know what is going on, but i feel the doors closing from my eyes -- in front of my eyes. >> youth unemployment approaches 50%. there are few prospects for young graduates like these. many choose to leave rather than face a desperate job market. >> the situation is traviagic. if you want to stay, you have to realize there is a battle to be fought to make the situation better
that had feared. and our viking's part of the world's cultural heritage? first to italy, where parliamentary elections are coming up. prime minister mario monti has pose strict reforms, raised taxes and made it easier for companies to lay off employees, all part of an effort to get italy off the list of endangered eurozone countries. before he took office, italy was in bad economic shape, having lagged behind its economic neighbors for years, but italians are fed up with this strict past, and lately, support for the former premier, silvio berlusconi, has been on the rise again. >> it has been the same for 20 ars -- the same music, the same fans, all this for silvio berlusconi. boosted by recent polls, he appears to be in splendid form and can even afford a touch of self-deprecating and. -- self-depredation. >> i took a look in the mirror before leaving the house and thought what a shame the old mirrors do not exist anymore. i always looked so handsome and young. >> that is what his fans like so much -- he always has a joke or an amusing anecdote. he is also good at making promi
replaces tim geithner. italy's elections for prime minister contributed to market moves in the u.s. the stock market was shaken by yesterday's news from italy that italian democratic leader pier luigi bersani shot ahead in exit polls. bersani's party opposes austerity measures, which brought fear back into the minds of u.s. investors, many concerned that italy's current debt load poses a threat to the eurozone and global economy. bersani is the secretary of the democratic party of italy. italy's outgoing prime minister, mario monti, accounted for just around 10% of the vote. "bp was blinded by greed" and the castrophe was preventable. that's what attorneys figthing against the company had to say opening their remarks in the bp trial. bp attorneys contend multiple parties are responsible. the oil giant is on trial for thde explosion in the gulf of mexico back on april of 2010. 11 workers were killed and oil gushed into into the ocean for 3 months. behind the scenes, the department of jusitice reportedly has a $16- billion deal on the table. $6 billion would settle the clean water
checks. >>> italy's parliamentary election produced no clear winner. the political instability is expected to continue as it struggles with fiscal problems. the vote on sunday and monday was focused on fiscal reforms, launched by prime minister mario monti. pier luigi bersani's party won a majority of seats in the lower house, but not in the upper seat. the center right won the upper house. the five-star movement also took many seats. beppe grillo leads the new party. forming a new administration requires approval by both houses of parliament. various parties will have talks before parliament convenes, but launching a stable administration won't be easy. voters in rome were pessimistic about the election outcome. >> translator: i'm afraid italy will become greece. >> translator: i want the politicians to fix the problem. >> berlusconi wants to avoid a political vacuum but has not made specific plans. >>> investors have been keeping a close eye on this election. they, too, have expectations for italy's next government. we have more on that. >> reporter: the debt crisis has subsi
is the crown undiplomatic language after a delete's election results. -- on diplomatic language after italy's election results. >> welcome back to the "journal " on dw. german lawmakers are voting on sending more troops to support the french-led mission in mali. their role will be training up mullion forces and providing logistical support -- molly and -- malian forces and providing logistical support. >> paris had planned to withdraw troops next month, but some fighting is still going on. >> mali's political future is uncertain. they have made significant inroads to pushing rebels out of the country. >> french forces advanced quickly in northern mali. one city after another fell to their control as islamist rebels beat a hasty retreat. local people welcome the french as liberators. many had suffered greatly under the tearing of the islamist militia -- the tearing me -- the tyranny of the islamist militia. many of the cities are now largely back under government control. the islamists were either killed or they have fled. what have they really been defeated? -- but have they really been def
-elected. italy's economy is the third largest in the eurozone. and an uncertain outcome could put more question marks over the region. some fear a repeat of the drama in greece. lawmakers there failed to form a coalition government after an election last may. so, the next month voters were forced to head back to the polls. many italians hoped the election would deliver a stable result so their leaders could tackle the debt, a deep recession and rising unemployment. now, it appears their wishes will go unfulfilled. josho watanabe, nhk world, rome. >>> investors have been keeping a close eye on this election. they, too, have expectations for italy's next government. kaori nagao has more. >> the debt crisis has eased. ecb officials decided they would buy an unlimited number of government bonds from governments in serious financial trouble, however, investors are growing concerned in the wake of the italian election. they fear the european debt crisis may be reignited. no party has won a majority? the upper house and that political parties may try to form a grand coalition, but the differences amon
are the dictionary definition of --[cheers and app] >> jon: welcome back. over the years, italy has had its share of problems. centuries of occupation by foreign powers, a variety of failed governments spanning from merely corrupt to fascist and worst of all actors who don't know how floors work. no, that's what the spaces are for. now italy is faced with the spiciest problem. >> the country in political chaos after an election without a clear winner. >> it's at risk of becoming ungovernable. >> probably a big as mess as i could be. >> jon: who hold an election and can't figure out who the winner is? that would be us s 13 years ago but in today's modern world with the iphone 4. what happened? >> they won by the slim majority but they don't have enough seats in the italian senate to form a government. >> what threw a wrench into all of this was a big vote for a protest party led by a italian comedian. to make things complicated former prime minister berlusconi is not out of picture. >> berlusconi got 29%. >> jon: are you kidding me? i get the voting for the center left. i even get the comedy prote
turn out for her swearing in. >> anger and pessimist mism in italy -- pesimism in italy. >> protests in the west bank after a prisoner dies in israeli custody. palestinians say he was tortured. fidel castro makes a rare public appearance in cuba despite the concerns he plans to retire. and red carpet ready. hollywood's biggest name for the most unpredictable oscars in the earth. >> we begin in south korea for the inauguration of the country's first female president has gun in seoul. you're looking at live pictures in the ceremony. there's increasing tension with north korea as she begins a five-year term. she'll also have to deal with the economic worries as the gap between the rich and the poor in south korea grows larger. harry foster is live in the capital. harry, what's been happening there? >> well, just many the last couple of minutes, pa krving enay has arrived here. as you can see tens of thousands have gathered here to watch her inauguration. it's standing room only. the national anthem is about to be played. she will pledge allegiance to the country. she will also take the
of each icon to italy. and then the artisans there, who are specialists really, take each section. it's about this large. as you notice this paper underneath here. it has the design on it. well, it has the design. would you see it on the other side? that's correct. so what the artist will do, he will take some grout. this was a plaster wall. you take the grout and grout the whole wall. then he will take some grout and he'll butter this. they call it buttering, a very light grout of this. and he'll take this piece, and he has to make sure it's centered because if he doesn't put it in the right place, the whole icon will be off center. so now we see the mosaic being brought to the wall which has been grouted ahead of time. and let's assume that this is the first piece of a mosaic depiction. the artist will now put the mosaic up like this. make sure that it's adhered to the grout on the wall. then take the next piece and put it here, and make sure that it's butted up against this piece. and when all this has been done this way, and you see all this with paper, then the artist moists this
is selling optimism at the time italy is in deep recession. he promises not just to lower taxes, but to give cash back from a property tax. it is unjust, he says, because it touches something sacred. the house as a foundation on which every family builds their future. this is causing plenty of international anxiety. his main opponent, the center left candidate is talking about the scandals. he says berlusconi was preoccupied, a reference to the dancer he's accused of having underage sex with. >> he made us a good joke of the world. it is time for something to change. we threw him out because he is ruining italy. what sense does it make to reelect him? >> the closest aides argued his policies struck concerns about his personal life. >> is a basic message is simple. -- his basic message is simple. >> these are tense political days in italy. a protester who interrupts the rally, saying enough, but a failing economy makes predictions difficult. the former cruise ship crooner may not win, but he may end up with influence preventing a stable government and causing new concerns in europe. >> from i
are looking at where their exports go and what they can do. 60% of their olive oil is exported to italy, which then packages it and makes an awful lot more money than greeks make just sending it off to italy. but nearly every analyst, i think, agrees greece is going to have a rough year this year, and it will not be until well into next year before they figure any real sign of recovery. >> thank you very much for that report. >> bulgaria's government has been forced to resign after days of mass protests over its austerity measures. >> demonstrators have been taking to the streets in the tens of thousands to voice their anger over low living standards and high electricity bills -- not to mention tax hikes. the rallies have shaken the country to the court as police have clashed with protesters. >> the prime minister, who handed in his government's resignation, said he does not want to be part of a government where violence has replaced political dialogue. >> he looked weary as he entered parliament ahead of his resignation speech. he told deputies trust needed to be reestablished in the country.
to add some beauty to your yard get 5 annuals for just $5 at lowe's today. about washington than italy this morning... the dow falling over concerns about the outcome of italy's national vote -- and >>> wall street worried less about washington than italy this morning the dow falling over concerns about the outcome of italy's national vote and impact on the european economy. the big board is down 63 points. the dow was up earlier down now. >>> federal spending cuts totaling $85 billion set to kick in on friday. that's unless congressional republicans and the white house can agree on an alternative. but as cbs reporter danielle nottingham tells us, the two sides are far from a compromise. >> reporter: president obama's annual meeting with the nation's governors came with a warning. he says the march 1 spending cuts will impact each of their states. everything from fewer firefighters and police to flight delays at the airport and less vaccines for children. >> and the longer these cuts are in place, the bigger the impact will become. >> reporter: but r
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